(New York, NY) — Make way for a new neighbor New York City, and this one is coming with a pretty penny. A British Company, Purplebricks Group, has recently secured a growth equity investment of $177 million and is planning on expanding to New York.
Currently, Purplebricks presence in the U.S. is limited to California with offices in Los Angeles, Fresno, Sacramento and San Diego. As it prepares for expansion, the agency has been involved in on-going recruiting for local real estate experts in New York, and has staged an office in Midtown Manhattan.
So, who is Purplebricks exactly?
Originally from Britain, the company was founded in the UK by Michael Bruce and Kenny Bruce. Since its foundation, Purplebricks has been catching several eyes due to its rapid growth and success. In just three years, they have become among the top real estate agents in the UK and recently expanded to Australia in 2016.
In 2017 Purplebricks tapped the U.S. market, with Eric Eckardt at its forefront.
“Since launching in the U.S. in September 2017, we have achieved tremendous success and recognition in what we consider to be some to the most highly competitive residential real estate markets in the world. Our platform has been well received in all four California markets, and we are excited by the promising opportunity we see in the New York [Designated Market Area]” Eckardt states.
What can we expect from the new agency?
With the new investment from Axel Springer SE, Europe’s leading digital publisher, Purplebricks plans to strengthen its growth in other target markets and advance its technology.
“Axel Springer’s strategic investment in Purplebricks’ platform is a clear endorsement and reflection of confidence in our business model and global ambitions,” said Purplebricks CEO and founder Michael Bruce. “This investment will serve to more quickly bring our highly-differentiated, cost-effective and consumer-centric model to buyers and sellers in new markets across the U.S.”
What role will the new investor play?
Further elaborating on the relationship with their new investor, Bruce details, “Axel Springer’s experience and success scaling its business should make Purplebricks’ continued growth more efficient and effective. Moreover, Axel Springer’s strengths in digital technology and the significant resources it has deployed in IT development should also benefit Purplebricks as we continue to innovate and offer our customers enhanced functionality and engagement.”
Purplebricks is expected to make its grand appearance in NYC this month.